Companhia Melhoramentos de São Paulo (MSPA3) investor relations material

Executive summary

• 2Q26 net revenue was R$42.4m, down 3% YoY; adjusted revenue was R$46.8m, essentially flat YoY. Net loss widened to R$21.6m from R$10.5m.ocument-source3[/document-source]

• EBITDA was negative R$2.5m in 2Q26 versus positive R$2.1m in 2Q25; adjusted EBITDA was negative R$1.7m. Operational pressure reflected seasonality and cost variation.ocument-source3[/document-source]

Financial highlights

• 1H26 net revenue was R$86.5m, down 1% YoY; net loss was R$35.2m versus R$20.8m in 1H25.ocument-source14[/document-source]

• 1H26 gross profit fell to R$16.4m from R$34.4m YoY; management cited weaker productivity and higher forestry equipment maintenance costs.ocument-source414[/document-source]

• 1H26 net financial expense was R$16.8m versus R$13.1m; 2Q26 net financial expense was R$11.0m versus R$6.5m in 2Q25.ocument-source141549[/document-source]

• Operating cash flow was negative R$2.9m in 1H26 versus positive R$22.5m in 1H25; cash and equivalents increased R$8.6m to R$36.6m.ocument-source17[/document-source]

Segment performance

• Forestry fiber volume sold fell 15% YoY to 13,684 tons in 2Q26; adjusted revenue declined 6% YoY, while rising 1% QoQ on higher average packaging prices.ocument-source367[/document-source]

• Biona reached 25% of production capacity, secured approvals from major food-market players, and achieved margins above plan.ocument-source2[/document-source]

• Editorial sales rose 20% YoY in 2Q26, led by Retail and Institutional channels; revenue declined 22% QoQ, with the Institutional channel below 1Q26.ocument-source78[/document-source]

• Altea’s 2Q26 revenue came mainly from Swiss Park residential development and a land sale; the Swiss Park expansion EIA/RIMA was approved, supporting a project representing ~50% of 2026 unit revenue.ocument-source38[/document-source]